Copper Prices Fall, Pressured by Global Growth Concerns

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Copper prices fell Wednesday, pressured by fears over global growth and a steep drop in crude.

Copper for June delivery was recently down 1.6% at $2.6265 a pound on the Comex division of the New York Mercantile Exchange, near its lowest level since early January.

Oil prices were on track to enter a bear market on Wednesday, dropping more than 20% below their April highs on fears of ample supply and lackluster demand. Big swings in oil tend to sway copper prices, as some investors trade the two commodities as part of a single basket, with a bigger share devoted to oil.

Signs of weak global growth also tend to pressure prices for copper, a key component in manufacturing and construction.

In precious metals, gold for June delivery was up 0.4% at $1,332.90 a troy ounce.

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